Natchez Building & Loan Ass'n v. Shields
Mississippi Supreme Court
From the circuit court of Adams county. Hon. W. P. Cassedy, Judge. In January, 1889, appellee, Shields, became a member of the Natchez Building & Loan Association, subscribing for six shares of its capital stock in the ninth series.
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From the circuit court of Adams county. Hon. W. P. Cassedy, Judge. In January, 1889, appellee, Shields, became a member of the Natchez Building & Loan Association, subscribing for six shares of its capital stock in the ninth series. The shares were of the par value of $200 each, and, under the contract, he was to pay one dollar on each share per month until the same should mature, in view of the experience of the association, it being estimated that the shares would mature in one hundred and twenty months. The charter of the association conferred upon it the powers usually pertaining to such…
1Opinion of the CourtWoods, J.
As matter of fact, the appellee paid less than ten per cent, per annum interest on the amount of money actually advanced or loaned to him. Ilis' contract, most unfavorably construed for appellant, required the payment of lawful •interest on the amount of his bid; - the record shows that he finally paid less than lawful interest on the sum really received by him. It is difficult to conjecture where any claim of usury can be tenably planted.
But, independently of this, the appellee, on repaying his loan and withdrawing from the association, voluntarily made *634tbe settlement plainly shown in the…
2Cited by9 opinions
- Iowa Savings & Loan Ass'n v. HeidtSupreme Court of Iowa · 1899
- Cover v. Mercantile Mutual Building & Loan Ass'nMissouri Court of Appeals · 1902
- Shannon v. Georgia State Building & Loan Ass'nMississippi Supreme Court · 1901
- State v. Phoenix Loan Ass'nMissouri Court of Appeals · 1900
- Beach v. Guaranty Sav. Assoc.Oregon Supreme Court · 1904
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